M&A in 2025: Return of the blockbuster

Deals not only thrived in 2025, but did so in a more partisan global environment. Yes, the United States has taken a more protectionist stance, but that has not stopped corporate America from striking numerous blockbuster deals, – both at home and abroad – from Netflix’s move to acquire Warner Bros. to Doordash buying Deliveroo.    

Globally, the market proved remarkably resilient, despite a contraction in the first half of the year, during which transaction volumes fell 9%, according to PwC Global M&A Industry Trends. Over the first three quarters, a total of 37,096 transactions were announced worldwide, based on figures published by PitchBook. By December, the aggregate deal value of the year’s M&A moves stood at $4.8 trillion, the best result since 2021.

America rebounds
North America remains the main hub of activity, with several reasons for this. First, the rise of megadeals: 2025 was a particularly busy year, with 17 US deals valued over $10 billion in the first two quarters alone. In addition, interest rate cuts in the United States in the first half of the year seemed to revive investor appetite.

Deals not only thrived in 2025, but did so in a more partisan global environment

With the full blessing of the White House and American regulators, the tech sector engaged in a multi-billion-dollar game of speed-dating in 2025. Giants like Meta, OpenAI and Google acquired an array of smaller players as they carried out the Trump Administration’s mandate to maintain AI-sector dominance over China.

Europe lags behind
Europe remains affected by geopolitical tensions and the tightening of regulations governing foreign investment. The total value of M&A transactions in the region in the first three quarters amounted to $375 billion, representing a 5% decline compared with the same period in 2024, according to BCG’s M&A Report published in October 2025.

The United Kingdom continues, for now, to hold onto the crown as Europe’s leading M&A market, despite a significant decrease in aggregate deal value here. By contrast, the Netherlands and Switzerland have recorded a marked increase in valuation levels, reflecting more robust deal activity in those markets.

While the French M&A market managed to remain resilient, the strained political and economic environment – marked by successive changes of government and the fiscal instability that arose from difficulty in passing the national budget – significantly disrupted deal activity. Uncertainty surrounding these issues persists, fostering a wait-and-see approach that resulted in the postponement or cancellation of numerous transactions. As a result, France’s recovery has been more uneven.

An ever-present quandary for investors was whether to focus on the domestic market or look further afield. North American investors were betting big on the old continent once more this past year, with Europe recording a higher number of cross-border transactions than North America over the first three quarters. North American companies made no fewer than 952 acquisitions in Europe in the first nine months of the year, 275 more than for the same period the previous year, per PitchBook.